xpate CEO Mike Shafro to advise Industra Bank

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London, UK. 30 September 2020: xpate, the startup set on revolutionising payments with one unified account for all payment methods and innovative drag and drop technology, announces that CEO Mike Shafro has been appointed Ecommerce Advisor to Jurijs Adamovics, Chairman of the Board of Directors, Industra Bank.

Industra Bank is the 12th largest bank in Latvia. In January this year, the company announced its new focus to support small and medium size enterprises (SMEs). The appointment of Mike Shafro was driven by this new strategy, which involves developing its ecommerce offering and innovating to provide an enhanced offering to mid-size businesses.

The COVID-19 pandemic provided the perfect time for Industra to take stock of its current systems and transform the way it delivers its banking services by creating a more digital experience. 

Over this period, Industra saw that some of its more traditional service offerings which required customers to go into the bank physically were no longer convenient to its consumers, and recent research underlines the extent to which consumers are favouring digital options. According to one study, as many as 40,000 physical branches could close across Europe in the next three years, and up to 65% people may only shop online by 2025. In line with this insight, the bank began the process of updating its services with new online technology to cater to customers wherever is convenient for them. 

Mike Shafro, who will be advising Adamovics on this change in strategy, has a wealth of knowledge in the fintech and ecommerce sectors and holds nearly a decade of experience in helping to develop internet acquiring services, advising banks and ecommerce companies, and heading up successful fintech startups. His current company, xpate, is a fintech startup that enhances global payments using a design-centric approach to serve growing business needs. The technology makes the payment process easier, faster and more accessible with the first drag and drop payment experience in the world uniting all payment methods in one account. 

Mike Shafro, CEO of xpate, commented: “It is a great honour to be welcomed onto the team at Industra Bank as we work to shape its evolved ecommerce strategy. I’m looking forward to using my expertise to support Industra as it serves even better, frictionless online services to its customer base, and to positively shape the future of online banking together.”

Jurijs Adamovics, Chairman of the Board of Directors at Industra Bank, added: “The pandemic only served to solidify pre-existing thoughts among the Industra Bank team. Technology is developing rapidly, and we want to be part of that evolution, so we can offer our customers not only swift and simple service, but in a place they feel comfortable, too. Mike has a wealth of ecommerce experience and we’re delighted to be inviting him onboard, to combine brains and progress in the best possible way for our community.”

For more information about xpate, go to: www.xpate.com.

About xpate

xpate is a fintech startup that enhances global payments using a design-centric approach to serve growing business needs. We make the payment process easier, faster and accessible to everyone by introducing the first true drag and drop payment experience in the world uniting all payment methods in one account.

xpate is an e-wallet system both for retail and business customers who aim to make the financial sphere of their lives comfortable and hassle-free. More than 300 companies processing over 50000 transactions daily utilise xpate to expand their business across frontiers.

About Industra Bank

Industra is a modern bank that was established by transforming the Meridian Trade Bank, which has operated in Latvia and the Baltic States for more than 25 years. Industra is owned  by local entrepreneurs who have hands on experience in creating and expanding businesses in various industries. The foundation for Industra is loans for growth and all of the services that are necessary for businesspeople every day. Industra is a SME focused bank that understands businesspeople and their needs.

For more information about Industra, go to: www.industria.finance

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